Twitter account @shibburn that shares links to etherscan showing Shiba Inu meme coins destroyed recently has reported that over the past twenty-four hours, 5.6 million SHIB has been put out of circulation.
However, over the past five days, the amount of SHIB burned now totals 22 times more than that.
Over 125 million SHIB incinerated in past 5 days
According to etherscan, approximately fourteen transactions has been made to send a total of over 125 million SHIB tokens to a dead wallet from which nobody will ever be able to withdraw or spend them.
The largest one of them carried 100,000,000 million SHIB and it was made five days and eleven hours ago.
As for the recent twenty-four hours, over this period 5.6 million tokens have been burned via six transfers, according to Twitter user @shibburn. The user reminds the SHIB army that so far, out of the initial supply of 1 quadrillion, 410,300,521,864,319 SHIB has been taken out of circulation.
As reported by U.Today earlier this week, non-custodial platform NOWPayments that processes cryptocurrency payment transactions, stated it plans to add a feature which can be used by merchants for burning SHIB tokens.
SHIB unlikely to rally in 2022, top analyst believes
According to senior currency strategist at IG Group subsidiary DailyFX, Christopher Vecchio, the 2022 year that has just begun is unlikely to be fortunate for meme cryptocurrencies, such as Dogecoin and and its rival Shiba Inu.
In particular, as he put it, he would be very surprised to see these two coins rally and assumed that only Elon Musk would be able to save them by tweeting about these cryptocurrencies.
Vecchio reckons that Doge, SHIB and other meme coins are going to drop “deeper and deeper”. He is also bearish on Bitcoin, though, stating that the flagship crypto is facing “a crisis of faith” at the moment.